This paper proposes a new model order reduction technology for the simplification of the complexity of large scale models. The proposed technique is focused on the Mihailov stability approach that guarantees the stability of the reduced model constrained that the complex system is stable. In this scheme, the denominator coefficients of the approximated simplified system are computed by using the Mihailov stability algorithm and the truncation method is used for the determination of coefficients of the numerator polynomial. The effectiveness and efficiency of the proposed approach are illustrated by comparing the step responses of the given system and approximated lower order models. The error indices such as integral square error (ISE), relative integral square error (RISE), integral absolute error (IAE) and integral time weighted absolute error (ITAE) are used as performance indices for comparing the proposed scheme with other existing standard reduced order modeling methods. The obtained reduced model is used for the designing of controllers for the original complex system. A new scheme for the determination of controllers is also proposed for the large scale models with help of reduced order modeling. The proposed technique is validated by applying it to an eighth order flexible-missile control system and a third order fuel control system. The simulation results show the dominance of the proposed methodologies over the latest model diminution techniques available in the literature.